Monthly Archives: January 2015

Many people do not yet fully understand the
significance of the new retirement income choices

Many of Britain’s over-55s say the massive changes to retirement income announced in last year’s Budget 2014 will have no impact on them, research from Aviva’s latest Real Retirement Report shows. (more…)

The key announcements at a glance

Chancellor George Osborne delivered his Autumn Statement 2014 to Parliament on 3 December last year. Much of the commentary focused on weak public sector finances data in the context of strong GDP and employment growth. (more…)

The freedom to do as much or as little as you want with your pension

Within the next decade, nearly half of those people (44%) due to retire will require professional financial advice to help them make financial choices, according to research[1] published by insurer Zurich. (more…)

Take your pension to the max

Pensions have long been seen as a tax-efficient form of investment. The contributions that you pay into your pension will benefit from tax relief and aren’t subject to tax while they’re invested in your pension pot (although the tax credit paid with dividends can’t be reclaimed by your pension scheme). Contributions to your employer’s pension scheme (including any additional voluntary contributions you make) can be made from your gross pay before any tax is charged.
From 6 April 2015, there will be no restrictions on how much income you can withdraw from your defined contribution pension pot, but any income that is withdrawn (and it is possible to withdraw your whole remaining pension pot in one go) may be subject to income tax. (more…)

Tax-deductible expenses

If you’re self-employed, you can claim expenses against your tax bill, but not all business expenses qualify so it’s important to make sure your claim is valid. Unless something you buy for your business is a capital asset, for example, a computer or machinery (which you claim for under different rules), you can deduct its full cost when working out your taxable profits. You receive immediate tax relief for the full amount. (more…)

Tax-free extra income

By signing up to the ‘rent a room’ scheme, not only could you enjoy the extra income from the rent, but also up to £4,250 a year is free from tax. ‘Rent a room’ relief is an optional scheme that lets you receive up to this amount in rent each year from a lodger, tax-free. This only applies if you rent out furnished accommodation in your own home. (more…)

Buyers benefit from a tax-free
bracket and incremental steps up

The change to residential property Stamp Duty Land Tax (SDLT) announced in the Autumn Statement 2014 will make the process fairer for the majority of homebuyers. The new rules started on 4 December last year, and these changes apply to you if you are buying a home in the UK for over £125,000. (more…)

Green Financial Advice Limited is authorised and regulated by the Financial Conduct Authority.

The material on the site is the copyright material of Green Financial Advice Limited. You may not copy, reproduce, republish, disassemble, decompile, reverse engineer, download, post, broadcast, transmit, make available to the public, or otherwise use Green Financial Advice Limited content in any way except for your own personal, non-commercial use. This includes but is not limited to all individual fund manager data such as rankings of fund managers and ratings of fund managers. Green Financial Advice Limited does not accept any liability for your reliance upon, or any errors or omissions. Any other use of Green Financial Advice Limited content requires the prior written permission of Green Financial Advice Limited.